Finance Crisis: in graphics http://news.bbc.co.uk/1/hi/business/7644238.stm
The Scourge of Gold (hoarding bullion). "Becoming human is a process and not some event". Ref, Notes of Dad’s, "Admiration" in photos. "Certain – ‘indices’ become attached to the individual (or State – examples: Middle and Far East, World – ‘tribal’ status) as a permanent, ongoing, visible aspect of his status, because their presence draws from others admiration and hence prestige! P.J.Wilson ‘The Domestication Of The Human Species’ http://luckyme0.spaces.live.com/photos/cns!A18BF3FCC5E126A2!1613/?startingImageIndex=0&commentsExpand=0&addCommentExpand=0&addCommentFocus=0&pauseSlideshow=0
Many of those who most earnestly propagate the need for spiritual values, and denounce secularism and materialism, are the very same people who in their personal lives are crassly materialistic, and morally and politically corrupt. Who, but a religious guru would feel the need to go around in a gold-plated limousine? See, New Humanist Magazine -1987. Ref, Notes of Dad’s.
Credit Crunch – Credit Crisis – The First Great Test of Globalization – Banking Leverage
Sovereign Funds – Massive, City & CEO Bonuses
Muslims believed that gold and silver must circulate, and this circulation, called rawaj, was a social and religious duty. Hoarding gold and silver was forbidden by the Qur’an: “Those who store up gold and silver and do not spend them in the way of God, tell them of a painful chastisement!” The cosmographer al-Qawini, writing only a decade or so after the minting of the first florin, says: "Gold is the noblest of the blessings of Almighty God upon his servants, for it is the foundation of the affairs of this world and brings order to the affairs of mankind…. With silver and gold coins, everything can be bought and sold. They must circulate, unlike other forms of wealth, for it is not desirable for anyone to accumulate silver and gold…. Anyone who stores them up destroys the wisdom created by God, just as if one imprisoned the qadi of a town and prevented him from carrying out his duties toward the people.”
Who is to blame? The rejection of the History Lessons of the Great Depression, which has resulted with the current financial chaos and meltdown, seen around the world. The Great Depression, and in how it would never be allowed to happen again! Of course, it’s us, the majority of people, no-choicers, plebs, who, in their ‘imagination and admiration’ have voted in leaders to rule, who are no more than celebrity, and then, stupidly, we worship them. The dangers that are inherent within sedentism, or sedentist society and cultures vs the egalitarianism that existed before any sedentism. Even, the so called, primitive people were "extremely wary"! Ref, Anthropology. (Vote for the most unlikely looking celebrity – Prime Minister Gordon Brown in the UK. Markets need morals, says Brown http://newsvote.bbc.co.uk/1/hi/uk_politics/7655723.stm )
"After four years of investigating the Black Friday crash in 1929, Franklin D. Roosevelt’s Administration figured out that the main actions that lead us into the Depression were bank’s using their clients money to speculate on risky investments and pushing other risky investments on the very same customers. Some of the investments were sold directly to the bank’s investors, others were made by the banks themselves. When the investments went belly up, the banks had no money to pay their customers back.
To stop this from ever happening again, FDR and fellow Democratic Senators and Congressmen passed the Glass-Steagall Act in 1933. The law stopped commercial banks from merging with investment banks, established the FDIC to insure bank deposits, gave the Federal Reserve control over setting interest rates, and made other banking reforms. The entire point was to protect deposits and stop banks from speculating with that money.
Strictly speaking, the Glass-Steagall Act was a huge success. It restored confidence in America’s banking system and worked relatively well for six decades. That is, until Citigroup decided to spend over 30 years working behind the scenes to repeal parts of the act.
In the 1960’s, Citigroup, then known as First National City Bank, (and later Citibank and Citi) started talking to Washington about repealing the Glass-Steagall Act. It took many years, and to make a long story short, they finally succeeded in 1999. BTW, First National City Bank (Citi) is to blame for the modern credit card society, having introduced in 1967 the card that later was renamed Mastercard, the first credit card.
What does this have to do with Bill Clinton, or the current economic feces-fest we are currently in?
When Bill Clinton was President in 1998, Citibank, by then called Citicorp, was trying to merge with Traveller’s group (the investment firm with the ads with the red umbrella). Under the Glass-Steagall Act, this was prohibited. Way back in 1933 FDR and Co. were wise enough to know that commercial banks shouldn’t own investment banks, it leads to all sorts of illegal shenanigans.
But years of bribing, er, lobbying Congress had done it’s trick, and Citicorp’s CEO Sandy Weill said he was assured by Federal sources the merger would be approved, which it was in 1998. (Technically the merger was illegal in 1998 as the law wasn’t repealed until November, 1999.) Renamed Citigroup after the merger, they have gone on to purchase other investment firms.
The Gramm-Leach-Bliley Act of 1999 (called the Financial Services Modernization Act at the time) repealed 66 years of consumer protections and paved the way for financial mergers and the introduction of new investment products. The Act was written by Republican Senators including Phil Gramm, and early voting was split down party lines until President Clinton forced a rewrite of the bill" @ http://community.adn.com/adn/node/131758
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Anthropology: the greedy ‘Banks’ – ECB and Bank of England and Governments’ – Too grand and a lazy incompetent FSA, possibly, ever: to get theirs, or any act – ‘together’! Can they spell "proactive", remark from a Wall St broker! Nick Leeson (deficit of knowledge and feel for markets) on City morality http://news.bbc.co.uk/1/hi/business/7656778.stm
Price in the/your, "Global Recession" 3% or less World Growth http://www.independent.co.uk/news/business/news/imf-calls-for-action-now-to-combat-global-.htmlssion-954694.html
Spotlight on Anthropology http://www.aqr.org.uk/inbrief/document.shtml?doc=simon.roberts.01-03-2005.anthropology
Anthropology of Religion – Wikipedia
General Sir John Hackett. Principal of Kings College. London University. Formerly C in C British Army of the Rhine. A soldier scholar and William Clarke (former vice president of The World Bank) a new book. (1980?)